This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for REC Silicon ASA's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for REC Silicon ASA's businesses, energy prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the presentation. Although REC Silicon ASA believes that its expectations and the presentation are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the presentation. REC Silicon ASA makes no representations or warranties, expressed or implied, as to the accuracy, reliability or completeness of the presentation, and neither REC Silicon ASA nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

Information contained herein will not be updated. The following slides should be read and considered in connection with the information given orally during the presentation.

REC Silicon ASA shares have not been registered under the U.S. Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

AGENDA

›The Business Opportunity

› Activity Update

› Financials

› Summary

THE BUSINESS OPPORTUNITY

REC SILICON IS A SILICON MATERIAL COMPANY PROVIDING ENABLING MATERIALS FOR THE GREEN ENERGY TRANSITION

EXPOSURE TO ENERGY TRANSITION MEGATRENDS

* From 2025 and onwards

REC SILICON FEATURES

›Largest supplier of silane outside China
›Low-cost, low-carbon PV-poly producer
›Strong position with leading semiplayers
›Largest Silane Module container fleet
›Immediate silane capacity available for anode material

Moses Lake

› 24,000 MT silane gas capacity

Prime high-purity granular polysilicon capacity 16,000 MT
~ 2,400MT silane for merchant sales
› Risk mitigating offtake contract
› Low energy low cost and conflict-free

Butte

› 7,400 MT Silane gas capacity
High purity Float Zone polysilicon phasing out

›Silicon gases

Production expansion for DCS (3x)
Ongoing loading/container expansion for high value silicon gases

SILANE-BASED INDUSTRIES FACING DISRUPTIVE CHANGES

› Strong political and regulatory push › Low-emission energy
- › Supply chain geographical diversification
- › End-user proximity
- › Tech war

Inflation Reduction Act 2022 (USD 500 bn)

› USD 394bn to clean energy and climate change (tax credits, grants and loan guarantees)
› Aims to boost investments in US manufacturing capacity

Bipartisan Infrastructure Law 2021 (USD 1.2trn)

› USD 15bn to EV charging infrastructure, buses and transit

The CHIPS Act 2022 (USD 280bn)

› Reduce reliance on overseas supply chains for semiconductors
› USD 50bn to expand US production of mature and advanced semiconductors

The Uygur Forced Labor Prevention Act (2022)

› Prohibits imports of goods produced in the Xinjian region or by certain Chinese entities

Key initiatives REC Silicon benefits

High purity granular polysilicon to the solar PV industry

› USD 3/kg in manufacturing tax credits for REC Silicon (Moses Lake)
› Full slate of incentives available for developers if 100% US supply chain
› Manufacturing tax credits for wafer, cell and module producers
› Low carbon focus
› Significant increase in demand from the solar industry (> 3x 2023 2030)
› Investment in ingot/wafer production capacity

Silicon Gas

› Investments in US semiconductor production
› Investments in US Si-Anode material production
› Investments in US PV Cell production

› 7% annual growth towards 2030
› 75% of growth from automotive electronics, wireless communication and computing/data storage
› US market accounts for 34% of current demand

Trillion dollar industry by 2030 Manufacturers struggling to go green Taking back supply chain control

› Strong net zero pledges among all major players
› Lack of realistic clean energy options for growth among Taiwanese and South Korean producers
› US has some of the largest access to renewable energy, to be increased further by the IRA Act

17.20%

21.50%

› Strong US reliance on semiconductor imports
› CHIPS Act main motive to re-shore production and reduce supply/demand gap
› USD 200bn of chip manufacturing investments already announced

Semiconductor 2030 outlook

PV MARKET

› 35% increase in expected installations in 2022-27 from the introduction of the IRA
› USD 100 bn of investments already announced from companies in the US, Asia and Europe
› Full impact throughout the US value chain
› Limited existing value chain for PV in the US
› Significant expansion is required, and announced for major value chain components
› REC Silicon has the only announced expansion of the solar grade polysilicon capacity (Moses Lake)

Strong impact from IRA already Value chain explosion The quest for low cost and low carbon

› Strong demand from end users and module producers for low carbon PV supply chain
› Moses Lake has ~ 70% lower carbon intensity than traditional polysilicon which is ~40% of total PV carbon footprint
› With IRA incentives, Moses Lake is also competitive with Chinese producers on a cost per kg basis

PV manufacturing carbon footprint (g/kWh)

Source: The Ultra Low Carbon Solar Alliance

300

SILANE GAS

› Global EV sales expected to grow 13% p.a. 2020-40
› Silane gas has strong potential as anode material in mobility battery storage
› Mobility growth also positive for semiconductor and electronics industries

Global EV Sales Forecast (mill units)

Electric mobility growth Driving battery storage growth US supply chain response

› Global battery storage demand expected to grow nearly 7x from 2022 to 2030
› Battery storage demand for mobility is set to account for more than 90% of the growth
› Battery storage demand in the US set to outpace Chinese growth with 26% p.a.

Li-ion battery demand (GWh)

› China dominates the battery markets
› Substantial initiatives in IRA has been met with rapid response
› Battery storage supply chain in the US set to grow more than 7x, driven by mobility and utility scale storage demand

US battery storage supply chain

Source: IES Source: SEIA

Source: McKinsey & Company

700

Mobility

Consumer electronics

Stationary storage

ACTIVITY UPDATE

ACCOMPLISHMENTS

What we've said	What we've done	Status
› Refinance \$110M bond	› Corporate debt financing \$110M, April 2023 › \$30M one-year bank loan facility, June 2023
› Financing of Moses Lake restart and Butte investments	› \$100M three-year term loan agreement, July 2023 › \$40M term loan, September 2023 › Received the first tranche of prepayments under offtake contract
› Secure long-term corporate funding	› Second tranche of prepayments and first commercial delivery	Ongoing
› Secure sustainable operation for Moses Lake	› Signed 10-year offtake contract
	› Modifications › Installations
› Moses Lake restart	› Testing and recommissioning › Production start › Production ramp-up	Ongoing
› Butte capacity expansions	› DCS capacity expansion › Silane gas loading capacity expansion
› Yulin JV	› Sold 15% equity stake \$136M
› Address Butte energy situation	› Entered short-term hedging contracts › Discontinue polysilicon production	Ongoing

THE MOSES LAKE RESTART PROCESS

BUTTE RESTRUCTURING

Capacity expansion and optimization

› DCS expansion

› Increased silicon gas container fleet
› Optimizing silane gas utilization
› Hi-grading product portfolio, focusing on profitable specialty gases

EG Poly shutdown

› Addressing the regional imbalance in supply and demand for electricity
› Lower energy consumption
› Accretive to the bottom line
› Reduce costs by USD 15-30M/year
› Ensure profitable operations

Unsustainable energy situation

› DCS expansion			Average Electricity Price (Yearly MW)
› Increased silicon gas container fleet
› Optimizing silane gas utilization
› Hi-grading product portfolio, focusing on profitable specialty gases
EG Poly shutdown
› Addressing the regional imbalance in supply and demand for electricity
› Lower energy consumption
› Accretive to the bottom line
› Reduce costs by USD 15-30M/year
› Ensure profitable operations
› Reduce GHG emissions	2018	2019	2020	2021	2022	2023

PRODUCT MIX TRANSFORMATION - OPTIMIZING SILANE GAS CAPACITY

Energy and carbon metrics 2023 Energy and carbon metrics 2026 and onwards

Semiconductors Solar Other › ~ 5,200 MT silane gas production › 2/3 of revenues in Asia Semiconductors Solar Energy storage Other › ~ 30,000 MT silane gas production › 2/3 of revenues in the US From exposure to volatile China markets and lower value commodity products To high exposure to US value chains with higher value products and significant growth trends Additional growth potential as value chains develop Strong competitive position due to location and available capacity Change in product mix to higher value products 2023 Exposure Exposure 2025 -> Substantial reduction of energy costs and GHG emissions

POSITIONING FOR NEW SILANE GAS OPPORTUNITIES

›Tracking 7 different anode material producers potentially in USA
- -All utilizing Silane as silicon source
› REC Silicon taking a direct market approach, targeting
- -Battery anode material producers
- -Selected distributors

› Moses Lake - A battery hub ?

-Several initiatives ongoing
-Silane-based anode material a common denominator

FINANCIALS

	(Millions USD)	Q4-23	Q4-22	2023	2022	Q3-23
Revenues \$40.5M	Semiconductor Materials	\$ 40.3	\$ 31.5	\$ 140.6	\$ 147.4	\$ 34.7
- Polysilicon Sales volume decrease by 8.9% vs. Q3-23 - Silicon Gas Sales volume increase by 10.4% vs. Q3-23	Solar Materials Other	0.1 0.0	0.1 0.1	0.4 0.2	0.2 0.2	0.1 0.1
	Revenues	\$ 40.5	\$ 31.6	\$ 141.1	\$ 147.8	\$ 34.8
EBITDA (\$31.2M) - Impacts: Polysilicon shutdown accrual - Increase Moses Lake restart activities	Semiconductor Materials Solar Materials	\$ 1.1 (25.8)	\$ (6.5) (10.5)	\$ 14.0 (64.8)	\$ 6.3 (19.9)	\$ 6.1 (16.0)
- Semiconductor Materials Segment	Other EBITDA	(6.5) \$ (31.2)	(6.6) \$ (23.6)	(29.7) \$ (80.5)	(21.3) \$ (34.9)	(8.0) \$ (17.8)
- EBITDA of \$1.1M	EBITDA Margin	(77.0%)	(74.7%)	(57.0%)	(23.6%)	(51.2%)
Other - Net Expense of \$6.5M
	Polysilicon Production Polysilicon Sales	276 MT 182 MT	267 MT 302 MT	1,103 MT 749 MT	1,456 MT 1,502 MT	281 MT 199 MT
	Silicon Gas Sales	832 MT	515 MT	3,075 MT	2,718 MT	754 MT

Revenues \$40.3M

16.3% increase in revenues vs. Q3-23
Polysilicon Sales Volume 8.9% decrease vs. Q3-23
- Semiconductor Grade Polysilicon increase by 3.5%
Polysilicon Sales Price 35.6% increase vs. Q3-23
- Semiconductor Grade Polysilicon 20.9% increase vs Q3-23
Silicon Gas Sales Volume 10.4% increase vs. Q3-23
Silicon Gas Sales Price 2.0% increase vs. Q3-23

EBITDA Contribution \$1.1M

\$5.0M decrease in EBITDA contributed vs. Q3-23
Decreased production volumes
- 2.0% decrease in Polysilicon Production vs. Q3-23 5 MT

Quarterly Revenue and EBITDA (USD Million)

Sales Volumes
	Q4-23	Q4-22	2023	Q3-23
Semiconductor	145	226	524	140
Grade	MT	MT	MT	MT
Other	MT	MT	MT	MT
Grades	37	76	225	59
Sales	182	302	749	199
Polysilicon	MT	MT	MT	MT
Silicon Gas Sales	832 MT	515 MT	3 075 MT ,	754 MT

CASH FLOWS

December 31, 2023 Cash Balance \$170.9M

\$49.2M Increase in Cash During Q4-23

Cash Flows From Operating Activities (\$44.8M)

(\$31.2M) EBITDA
(\$7.9M) Working Capital
- (\$9.1M) Increase in inventories
- (\$6.7M) Increase in receivables
- \$7.9M Increase in payables
\$1.2M Interest received
(\$8.0M) Interest paid
\$0.7M Other items

Cash Inflows From Investing Activities \$96.0M

\$136.1 Proceeds from Yulin JV sale
(\$40.8M) Capital Expenditures
\$0.2M Other items

Cash Flows From Financing Activities (\$2.0M)

(\$1.1) Principal payment of property tax note
(\$0.9M) Payment of Lease Liabilities

Cash Flows (USD Million)

Debt Maturity Profile (USD Million)

Nominal Debt \$354.1M

\$1.4M Increase during Q4-23
- (\$1.1M) Repayment of Debt
- \$2.5M Changes in Lease Liabilities
Completion of Yulin JV share sale, Gross proceeds of USD 136.1M

Nominal Net Debt \$183.2M

\$47.8M Decrease during Q4-23
- \$49.2M Increase in Cash
- (\$1.4M) Increase in Nominal Debt

SUMMARY

›Timing opportunity

Products driven by digitalization, renewable energy, and energy storage
US policies and incentives in place to drive demand and re-shoring of capacity to address these macro trends

›Product opportunity

Silicon is at the heart of the identified macro trends, REC Silicon products essential to realize the transition
Significant capacity investments made to meet immediate demand

›Location opportunity

The largest global producer of silane and high-purity granular polysilicon outside of China and the only one located in the US
The largest producer in the US of other key specialty silicon gases

›Foundation in place

Growth capex and operating needs are fully funded through attractive financing and prepayments
Offtake with a high-quality counterparty has been executed
High-value specialty silicon gas investments in place in Butte
Moses Lake to ramp to 100% reactor capacity by end of 2024

Thank You

Q1 2024 Reporting May 10, 2024

AI Terminal

REC Silicon

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